Three Strikes and ICBC’s Out! – Insurer’s Denial of Accelerated Vehicle Depreciation Fails Again
For the third time in one month ICBC has been ordered by the Civil Resolution Tribunal to pay a vehicle owner damages for accelerated depreciation following a vehicle collision.
When a vehicle is damaged in a crash it often suffers a significant loss of market value, even after all reasonable repairs are done. ICBC chooses to ignore this reality when dealing with crash victims and raises invalid arguments trying to deny such claims. For the third time in one month the Civil Resolution Tribunal has held ICBC insured driver liable for paying such damages.
In the most recent case (Herriott v. Yuen) the Applicant’s Audi Quattro sustained over $10,000 in damages in a crash that the Respondent admitted fault for. After the vehicle was repaired both the Applicant’s dealership and an expert appraiser noted there was an accelerated depreciation in the vehicle’s remaining market value. ICBC denied this claim arguing the vehicle is worth no less than it would be even without such a significant crash. In rejecting ICBC’s position and ordering damages paid recognizing the accelerated depreciation CRT Vice Chair Andrea Ritchie provided the following reasons: